Delivery of hydrophobic drug compounds to the site of action is an ongoing challenge in clinical research. It has been reported that 60-90% of new chemical entities in clinical and development are water insoluble or poorly soluble [A. M. Thayer (2010), Chemical & Engineering News, 88(22): 13-18; C. A. Lipinski, J Pharmacol Toxicol Method 44 (2000) 235-2490 and N. Gursoy and S. Benita, Biomed. Pharmacother. 58 (2004) 173-182]. For example, Propofol is insoluble in water and is only slightly soluble in solutions having solubilizers commonly used in preparing parenteral formulations such as propylene glycol, glycerin and PEG 400. Cyclodextrins, drug-lipid complexes, liposomes, and other solubilizing agents such as Cremophor® and various PEG-lipid conjugates have been tested as the delivery vehicles for Propofol. However, little or substantially no significantly improvement in solubility and stability profiles may be achieved in these vehicles. What is needed are new compositions and methods for formulating poor water soluble drugs in various parenteral dosage forms.